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Sep 11, 2009
09/09
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lehman imploded. did anybody in that room, did hank paulson, ben bernanke, tim geithner, the regulators, the ceos, did you have any idea of the systemic risk that was going to just explode through the system when lehman finally -- when they did capitulate? >> we all had a sense it would be a disaster, but no one thought it would actually shut the markets down, and it really did. >> but, you know, that's fascinating. it's one thing for you wall street ceos, you guys it's kind of the fish swimming in the ocean. i almost don't expect you to expect the system shutting down. but paulson, bernanke, geithner, they had no clue? >> i don't think they did. things were moving so quickly and so fast that, you know, there's no playbook that's ever been written. you have to deal with it when it happens, and clearly after lehman went down and merrill gets bought by b of a and you had the payment system dry up, i don't think anybody anticipated that would have happened and i think if they had, there may have been a d
lehman imploded. did anybody in that room, did hank paulson, ben bernanke, tim geithner, the regulators, the ceos, did you have any idea of the systemic risk that was going to just explode through the system when lehman finally -- when they did capitulate? >> we all had a sense it would be a disaster, but no one thought it would actually shut the markets down, and it really did. >> but, you know, that's fascinating. it's one thing for you wall street ceos, you guys it's kind of the...
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Sep 14, 2009
09/09
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it is the fall of lehman brothers. we'll take you to the firm's former headquarters in new york for a live report. [ birds squawking ] [ moos ] [ man announcing ] if you think about it, this is what makes theladders different from other job search sites. we only want the big jobs. welcome to theladders. a premium job site for only $100k+ jobs and only $100k+ talent. >>> it was one year ago that the financial world found out lehman brothers wasn't going to survive and wasn't going to be bailed out by the government. cnbc's bertha coombs is live outside the former lehman building now the epicenter of barclays capital in new york. bertha? >> reporter: thanks very much, michelle. you know, the core of barclay's capital is very much built on a lehman foundation because many of the traders who were here a year ago working for lehman are back at their desks today, though a lot of them thought they'd be gone. >> we kind of prepared for the worst all week watching the stock slide. >> that's bond trader jeremiah stafford. you re
it is the fall of lehman brothers. we'll take you to the firm's former headquarters in new york for a live report. [ birds squawking ] [ moos ] [ man announcing ] if you think about it, this is what makes theladders different from other job search sites. we only want the big jobs. welcome to theladders. a premium job site for only $100k+ jobs and only $100k+ talent. >>> it was one year ago that the financial world found out lehman brothers wasn't going to survive and wasn't going to be...
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Sep 24, 2009
09/09
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if we let them all go -- >> i don't think the credit crunch came from lehman and certainly not lehman per se. the credit crunch came in large part because paulson and bernanke had just announced we're going to provide a lot of money so you guys don't have to take your losses. >> professor, there's not a lot that steve liesman and i agree on, but i think we agree on this. in the wake of lehman brothers, we have lots of sources telling us that you couldn't get anything done because everybody was afraid of having exposure to lehman so credit wouldn't move. >> i think what he's saying is it's a loss of confidence not because lehman failed per se, but in the way it was handled. you let one stay, you let another go, nobody knows exactly what the rules are. am i right on that? >> exactly. when the t.a.r.p. was announced, they changed the rules and all sorts of other programs were being introduced. >> if we know ahead of time if you failure going to be allowed to fail, that is the rule, then people can act accordingly. >> we knew that ahead of time, don't you think, steve? >> i think the prof
if we let them all go -- >> i don't think the credit crunch came from lehman and certainly not lehman per se. the credit crunch came in large part because paulson and bernanke had just announced we're going to provide a lot of money so you guys don't have to take your losses. >> professor, there's not a lot that steve liesman and i agree on, but i think we agree on this. in the wake of lehman brothers, we have lots of sources telling us that you couldn't get anything done because...
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Sep 18, 2009
09/09
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money from lehman prior to the collapse. the whole thing during that period of stress from last fall to early spring was reducing your exposure to anybody who had the risk of, not the probability of, but the risk of going out of business. >> hindsight, 20/20. >> this was happening during. >> it was a run on the bank. >> they know how they should have but they didn't. we'll get back to the markets on this expiration day. the major averages are starting to move higher. >> also ahead, why jpmorgan is putting out a positive call on the home building sector. diana olick will explain. >> call it big hd in big "d." the dallas boys new stadium has the world's largest high definition tell vithevisiontele. >> my heart be still. >> and darren rovell will speak with the company that manufactured this largest screen. >> all in the upside in honor of the new stadium. >>> dow jones industrial average higher by 52. here are some new 52-week high. bed, bath, and beyond, conagra, mylan and watson form suitcles. cnbc's diana olick joins us. hi
money from lehman prior to the collapse. the whole thing during that period of stress from last fall to early spring was reducing your exposure to anybody who had the risk of, not the probability of, but the risk of going out of business. >> hindsight, 20/20. >> this was happening during. >> it was a run on the bank. >> they know how they should have but they didn't. we'll get back to the markets on this expiration day. the major averages are starting to move higher....
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Sep 9, 2009
09/09
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lehman brothers fell 45% that day, but the feeling perhaps was that there would be a bailout of lehman as we had seen with bear stearns just six months before. but six days later, on the 15th of september, lehman brothers was out of business. >> and we all felt like we were falling off the cliff. today, morgan joseph unveils the recommendations. they think these ideas are going to perform well whether the rally continues or fades. from david, director of equity research. let's start with flir systems. he said this the pure play on infrared technology. >> that part of the defense budget is growing and they're doing well internationally. 60% gross margins. stocks trading at 16 pe. it's still growing. >> the next one is imax. you guys really know how to call it. calling it a leisure company. it's such a great technology. it really, when you go, it's such a great experience. why isn't this company doing better than it is? >> it is doing better. they've gotten 273 this year. >> but it has struggled for years. are we finally now going to see it fulfill its hope that we've had all these years
lehman brothers fell 45% that day, but the feeling perhaps was that there would be a bailout of lehman as we had seen with bear stearns just six months before. but six days later, on the 15th of september, lehman brothers was out of business. >> and we all felt like we were falling off the cliff. today, morgan joseph unveils the recommendations. they think these ideas are going to perform well whether the rally continues or fades. from david, director of equity research. let's start with...
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Sep 8, 2009
09/09
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the pit boss gives you his lesson from lehman he still uses to trade to this day. on america's post market show tonight. [ birds squawking ] [ moos ] [ man announcing ] if you think about it, this is what makes theladders different from other job search sites. we only want the big jobs. welcome to theladders. a premium job site for only $100k+ jobs and only $100k+ talent. you want a financial partner... who is unusually prepared to help. the meeting with northern trust went well, didn't it? yeah, they get it. they really get it. a little more stability would be nice. northern trust offers the strength and expertise... that can only come from a 120-year track record... of thriving even in difficult times. they understand. roller coasters are for kids, not money. ♪ northern trust. wealth management. asset management. asset servicing. >>> welcome back to the "fast money" halftime report. time for your "power lunch" trade to go. pit boss, you're watching alternative energy names. seeing some bullish activity in the pitts. >> i am. i'm looking at ener, energy conversi
the pit boss gives you his lesson from lehman he still uses to trade to this day. on america's post market show tonight. [ birds squawking ] [ moos ] [ man announcing ] if you think about it, this is what makes theladders different from other job search sites. we only want the big jobs. welcome to theladders. a premium job site for only $100k+ jobs and only $100k+ talent. you want a financial partner... who is unusually prepared to help. the meeting with northern trust went well, didn't it?...
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Sep 10, 2009
09/09
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what was the problem after lehman? we didn't know who had exposure where because you had derivatives spread out like a spider everywhere. they're going to be traded on a platform. now we can see them like we can see the options market. in theory doesn't that get us a long way to where -- so all these ripple effects, david, would not necessarily happen if another bank failed? >> i don't think it solves the problem because, number one, it tells you at best what the banks have, not what everybody else has, like the big insurance companies, like aig, nor does it tell you what's spread out internationally. it helps but it doesn't solve the problem. >> i'm looking at the testimony right now that we'll be hearing from secretary geithner, paul, and he says here the e merging confidence and stability that we enjoy right now is a far cry from the crippling fear and panic of a year ago right now. are we able to say or can you say with some confidence that we're coming out of this recession quicker than we would have without the s
what was the problem after lehman? we didn't know who had exposure where because you had derivatives spread out like a spider everywhere. they're going to be traded on a platform. now we can see them like we can see the options market. in theory doesn't that get us a long way to where -- so all these ripple effects, david, would not necessarily happen if another bank failed? >> i don't think it solves the problem because, number one, it tells you at best what the banks have, not what...
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Sep 22, 2009
09/09
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lehman brothers had a $600 billion balance sheet. merrill lynch had $1 trillion. and even more than that, they had 16,000 brokers who sell with customer accounts probably totally at least $1 trillion, maybe more. i can't remember the exact number now. you are talking about systemic risk out the ka zoo. i'm just saying -- >> and they're wrapping me, charlie, but it's sellout." ken lewis, the story right now, the feeling right now if cuomo sues him, they're saying he's not going, the board is behind him f the s.e.c. does, well, it's another story, he's probably out. >> thank you, charlie. >> i don't think it would be a very civil suit. i think it would be very acrimonious. >> i have a quiz for you. hotel cancellations, garbage piling up outside of restaurants, shopping bags. what do these things have in common? >> they are uncommonly clever economic indicators. seriously, we're going to tell you how they are all connected and what they tell us about the economy on the other side of the break. you are watching "power lunch" on cnbc because we are first in business wo
lehman brothers had a $600 billion balance sheet. merrill lynch had $1 trillion. and even more than that, they had 16,000 brokers who sell with customer accounts probably totally at least $1 trillion, maybe more. i can't remember the exact number now. you are talking about systemic risk out the ka zoo. i'm just saying -- >> and they're wrapping me, charlie, but it's sellout." ken lewis, the story right now, the feeling right now if cuomo sues him, they're saying he's not going, the...
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Sep 23, 2009
09/09
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family happiness index which you've plotted for ten years, did it plunge in september of '08 when the lehman crisis happened or did people continue to be happy even when times got bad? >> there was a real steep neurotic fall-off for two months. then once people got through the panic of the october statement, they began to plan with how they're going to deal with their problems. it is important to realize that while about a million people have fallen off the affluent index, those that haven't haven't really had much of an income effect. they've had an asset effect and they've gotten together as couples and said, what are we going to do, how are we going to do it and it's made them feel more resourceful, more confident and better about themselves as people. >> you're forecasting a happy christmas. for who? happy for retailers or -- >> what we're looking at, people already planning to get their families together, to get people together and to use christmas as a time to enjoy one another. >> not retailers. just families, not for retailers. >> it is going to be better than you expect, i guarantee
family happiness index which you've plotted for ten years, did it plunge in september of '08 when the lehman crisis happened or did people continue to be happy even when times got bad? >> there was a real steep neurotic fall-off for two months. then once people got through the panic of the october statement, they began to plan with how they're going to deal with their problems. it is important to realize that while about a million people have fallen off the affluent index, those that...
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Sep 17, 2009
09/09
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bear stearns fails, lehman goes bankrupt and millions of ordinary americans lose. so after all of that pain, who gets punished? so far, just two hedge fund managers face charges. our on-air editor, charlie gasparino, joins us now. it does not seem fair what's going on. >> they were into two bear stearns hedge funds, they go to trial in a couple of weeks. here's the irony here. called my white collar crime sources up and said, listen. there's been a lot of talk, there were investigations whether merrill lynch disclosed proper investigations. whatever scharts, who said it was fine, he gave an interview with us just days before the place imploeded. whether citigroup, where executives were saying everything was fine. they were investigations into this. and by the way, the implosions of those firms is in the hundreds of billions of dollars in investor losses. those investigations from what i hear are either in limbo or these guys have moved on. that doesn't mean there will be be a slap on the wrist charges. clearly not prosecution -- a good chance they won't face sec ch
bear stearns fails, lehman goes bankrupt and millions of ordinary americans lose. so after all of that pain, who gets punished? so far, just two hedge fund managers face charges. our on-air editor, charlie gasparino, joins us now. it does not seem fair what's going on. >> they were into two bear stearns hedge funds, they go to trial in a couple of weeks. here's the irony here. called my white collar crime sources up and said, listen. there's been a lot of talk, there were investigations...
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Sep 28, 2009
09/09
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. >> remember last year it was after the fall of lehman brothers, all that product in the store had been bought at a time when the economy was booming, so they had supply on hand for a boom but we were in the middle of a bust. >> there was a sale at saks. >> 70% off. >> we're not going to get the big sales this year, michael? >> i don't think so. i think last year we saw a lot of unplanned discounting, and that's the key. this year it's certainly planned, but i think they can hold to it, especially with a low inventory. >> thank you, michael. >> thank you. >> we were out to dinner saturday night, local community in northern new jersey. actually this was in -- over the border in new york, in new york state. we walk out of the restaurant and the christmas lights are out on the street. >> they're all over. >> already? >> it was unbelievable. >> many the city just couldn't afford to take them down from last year. >> merry christmas already. >> we have nolan bushnell, the founder of atari, creator of the world's first video game, pong, and he will tell us about his latest endeavor. this guy i
. >> remember last year it was after the fall of lehman brothers, all that product in the store had been bought at a time when the economy was booming, so they had supply on hand for a boom but we were in the middle of a bust. >> there was a sale at saks. >> 70% off. >> we're not going to get the big sales this year, michael? >> i don't think so. i think last year we saw a lot of unplanned discounting, and that's the key. this year it's certainly planned, but i...
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Sep 25, 2009
09/09
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this was the index, index that had crossed pre-lehman? >> if you look at where the nasdaq 100 has come back to, not only is that the objective low, but it is also kind of going back to the scene of the crime where the index fell apart in the fall of '08. i am watching this as an indicator for the market as a whole. the strongest part of the market got back to a key resistance area will tell us if the whole market is beginning to put in some kind of a top. >> oil rolling over. about $66 a barrel. goldman also, by the way, raising its outlook for a number of oil stocks. gold continuing to fall following yesterday's $15 decline. a lot of commodity action that we are watching. p pick your poison there. >> in oil we have talked a lot about it recently. it is range bound. i think we will bounce around for most of the fall. i don't think there is any strong premise unless the dollar hits a strong move one way or the other. >> gold is below for the second day in a row. are you seeing a big come in for these stocks? >> i am still seeing the buying
this was the index, index that had crossed pre-lehman? >> if you look at where the nasdaq 100 has come back to, not only is that the objective low, but it is also kind of going back to the scene of the crime where the index fell apart in the fall of '08. i am watching this as an indicator for the market as a whole. the strongest part of the market got back to a key resistance area will tell us if the whole market is beginning to put in some kind of a top. >> oil rolling over. about...